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VOL. 126 | NO. 236 | Monday, December 05, 2011

Owner of Tunica Casino Emerges From Bankruptcy

AP

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JACKSON, Miss. (AP) – Majestic Star Casino, which owns Fitzgeralds Casino Hotel in Robinsonville, Miss., has emerged from Chapter 11 bankruptcy reorganization.

The Las Vegas company said Thursday that it had eliminated more than $500 million in debt. The company is now owned by former lenders, with Minnesota-based Wayzata Investment Partners the largest shareholder.

Fitzgeralds, one of nine casinos in Tunica County, had 666 employees at Sept. 30.

Majestic Star also owns two casinos with that name in Gary, Ind., and a Fitzgeralds casino in Black Hawk, Colo. The company filed for bankruptcy in November 2009, with debts of $771 million versus assets of $402 million, citing the recession and increased competition.

Another company recently gave Resorts and Bally's casinos in Tunica to lenders to save a casino in Atlantic City, N.J.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

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